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The big banks and wealth managers are having their best day on the share market in nearly a decade as traders digest a royal commission report that has been described by one leading analyst as a "clear win for the banks".

Commissioner Kenneth Hayne takes aim at the sales culture in banking and finance that "relegates customers to second place", with the Government saying it is "taking action" on all 76 recommendations in his final report, some of which could make parts of the financial sector obsolete.

No bank escaped with a glowing assessment in Kenneth Hayne's final royal commission report, but the smallest of Australia's "big four" has been singled out for the performance of its leaders during the hearings.

Rather than a radical overhaul or a massive restructure of the system, the royal commission has taken aim at exactly where it will hurt our major financiers. But the pain won't stop there, writes Ian Verrender.